Amid loss, Pier 1 changes focus

FORT WORTH, Texas After posting a first quarter net loss of $56.4 million, Pier 1 Imports reportedly is attempting to get back on track by shuttering its e-commerce business and closing its clearance outlets and children's furniture stores. According to reports, the company is focusing on its core stores and will stop selling through its online site by Aug. 31.

Pier 1 Imports today announced a net loss from continuing operations of $56.4 million or 64 cents per share, for the first quarter ended June 2. Total sales declined 5.2% for the first fiscal quarter to $356.4 million from $376.1 million in the year-ago quarter, and comparable-store sales declined 5.4%.